Reinsurance (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Components of Reinsurance Premiums and Benefits and Recoverable

Components of the Company’s reinsurance recoverable excluding MRBs were as follows (in millions):


	March 31,		December 31,
	2026		2025
Reserves:
Life	$	5,107	$	5,164
Accident and health	495		525
Annuity benefits (1)	12,699		13,196
Claims liability and other	625		633
Total	$	18,926	$	19,518

(1) Other annuity benefits primarily attributable to fixed and fixed index annuities reinsured with Athene.

Schedule of Market Risk Benefit, Activity

Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions):


	March 31,		December 31,
	2026		2025
Variable annuity	$	43	$	41
Other product lines	78		77
Total	$	121	$	118

The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions):


	Three Months Ended March 31, 2026		Year Ended December 31, 2025
Balance, beginning of period	$	1,195	$	1,184
Beginning of period cumulative effect of changes in shadow adjustments	14		23
Beginning balance excluding shadow	1,209		1,207
Effect of changes in cash flow assumptions	—		5
Effect of actual variances from expected experience	5		33

Interest accrual	14		58
Net assessments collected	(32)		(94)

Ending balance excluding shadow	1,196		1,209
End of period cumulative effect of changes in shadow adjustments	(21)		(14)
Balance, end of period	$	1,175	$	1,195

The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:


	March 31, 2026	December 31, 2025
Weighted average duration (years)	8.7	8.7

The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions):


	Assessments				Interest Expense
	Three Months Ended March 31, 2026		Year Ended December 31, 2025		Three Months Ended March 31, 2026		Year Ended December 31, 2025
Additional liability for annuitization, death and other insurance benefits	$	(32)	$	(94)	$	14	$	58

The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount:


	March 31, 2026		December 31, 2025
Weighted average current discount rate	5.00	%	5.00	%

The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions):


	March 31, 2026						December 31, 2025
	Variable		Other				Variable		Other
	Annuities		Product Lines		Total		Annuities		Product Lines		Total
Market risk benefit - (assets)	$	(6,698)	$	(3)	$	(6,701)	$	(7,863)	$	(4)	$	(7,867)
Market risk benefit - liabilities	3,764		207		3,971		3,598		156		3,754
Market risk benefit - net (asset) liability	$	(2,934)	$	204	$	(2,730)	$	(4,265)	$	152	$	(4,113)

Schedule of Sources of Income Related to Funds Withheld Under Reinsurance Treaties

The sources of net investment income were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Debt securities (1)	$	472	$	431
Equity securities (2)	(59)		1
Mortgage loans	99		83
Policy loans	16		17
Limited partnerships	19		38
Other investment income	57		52
Total investment income excluding funds withheld assets	604		622
Investment expenses (3)	(63)		(94)
Net investment income excluding funds withheld assets	541		528
Net investment income on funds withheld assets (see Note 8)	199		227
Net investment income	$	740	$	755

(1) Includes changes in fair value gains (losses) on trading securities and includes $(72) million and $(10) million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes changes in fair value of TPG common stock. See discussion above on our Long-term Strategic Partnership with TPG.

(3) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $(16) million and $(32) million for the three months ended March 31, 2026 and 2025, respectively.

The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items on the Condensed Consolidated Balance Sheets (in millions):


	March 31,		December 31,
	2026		2025
Assets
Debt securities, available-for-sale	$	7,476	$	7,947
Debt securities, at fair value under the fair value option	6		6
Equity securities	69		88
Mortgage loans	2,022		2,102
Mortgage loans, at fair value under the fair value option	196		324
Policy loans	3,567		3,548
Freestanding derivative instruments, net	7		(4)
Other invested assets	674		712
Cash and cash equivalents	626		375
Accrued investment income	87		92
Other assets and liabilities, net	(8)		5
Total assets (1)	$	14,722	$	15,195

Liabilities
Funds held under reinsurance treaties (2)	$	14,511	$	14,960
Total liabilities	$	14,511	$	14,960

(1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability.

(2) Includes funds withheld embedded derivative asset (liability) of $1,765 million and $1,752 million at March 31, 2026 and December 31, 2025, respectively.

The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Debt securities (1)	$	87	$	100
Equity securities	(1)		—
Mortgage loans (2)	26		43
Policy loans	87		83
Limited partnerships	8		10
Other investment income	3		4
Total investment income on funds withheld assets	210		240
Other investment expenses on funds withheld assets (3)	(11)		(13)
Total net investment income on funds withheld reinsurance treaties	$	199	$	227

(1) Includes nil and $1 million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes $2 million and $4 million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for mortgage loans carried under the fair value option.

(3) Includes management fees.

Schedule of Gains and Losses on Funds Withheld Reinsurance Treaties

The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Available-for-sale securities
Realized gains on sale	$	2	$	5
Realized losses on sale	(12)		(49)
Credit loss expense	(16)		(2)

Credit loss expense on mortgage loans	(5)		(4)
Other	8		7
Net gains (losses) on non-derivative investments	(23)		(43)
Net gains (losses) on derivative instruments	4		(17)
Net gains (losses) on funds withheld payable under reinsurance treaties (1)	(140)		(328)
Total net gains (losses) on derivatives and investments	$	(159)	$	(388)

(1) Includes the Athene embedded derivative gain (loss) of $14 million and $(201) million for the three months ended March 31, 2026 and 2025, respectively.